does overtime work/ an inheritance affect IVAs

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christine.g

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Post by christine.g » Thu May 08, 2008 9:14 pm
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does overtime work affect IVAs
does recieving an inheritance affect IVAs
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MelanieGiles

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Post by MelanieGiles » Thu May 08, 2008 9:25 pm
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Hi christine and welcome to the forum

In an IVA you will be required to pay over 50% of any overtime (after a first 10% allowance) to your creditors.

If you receive an inheritance this will also have to be handed over to your creditors, to the extent of the level of your outstanding liabilities including interest together with the costs to date of the volutnary arrangement.
Regards, Melanie Giles, Insolvency Practitioner
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michael.t47

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Post by michael.t47 » Thu May 08, 2008 9:36 pm
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what if the inheritance is my wifes who will not be in the iva?
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MelanieGiles

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Post by MelanieGiles » Thu May 08, 2008 9:37 pm
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The it is not yours so the windfall provision is not relevant - although she could gift you some of the money to make a full and final offer of settlement to your creditors!
Regards, Melanie Giles, Insolvency Practitioner
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michael.t47

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Post by michael.t47 » Thu May 08, 2008 9:40 pm
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we waiting to sort her new job out before starting on iva journey, inheritance will not be substantial and we were planning on using to pay her balloon payment on her car next year
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MelanieGiles

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Post by MelanieGiles » Thu May 08, 2008 9:48 pm
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That seems a sensible plan Michael!
Regards, Melanie Giles, Insolvency Practitioner
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michael.t47

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Post by michael.t47 » Fri May 09, 2008 10:19 pm
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tina will be hearing from us again soon, my wife has several interviews and we are hopeful. reducing outgoings as i type an my wife has 2 months left, but i think we will get there soon
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